Before Lodging Your Tax Return
Updated: Jul 9, 2021
CATS4TAX – Tax Tip #2
Check your bank details are correct – incorrect details can delay your refund.
Income statements (formerly Group Certificate/PAYG Summary) will be sent to your MyGov account or accessed by your Tax Professional. Returns should not be lodged until the Income Statement is tax ready/finalised.
Wait for prefill to be populated – mid/end July
Bank interest will have been loaded as well as private health information and Service Australia (formerly Centrelink) payments. This can save you time negating the need to chase multiple documents.
Job keeper payments will be included in Wages/Salary information in the Income Statement for employees.
If you lodge before all the information has been prefilled you risk delays in processing your return, possible amendments to your return, additional costs and possible additional tax payments.
Getting advice is expensive, but not getting advice can be much more expensive.
Get in touch with CATS4TAX:
0404 483 685
